Preliminary estimates showed UK GDP growth of 1.3% in the third quarter ending in September (expectations at 1.5%) and after a growth of about 5.5% in the second quarter as the largest contribution to GDP came from the hospitality, arts, entertainment and health sectors after further easing Restrictions and reopening the economy.
The monthly gross domestic product grew by about 0.6% in September to be revised to the August reading to 0.2% to come in better than expectations that indicated a growth of about 0.4%.
The services index grew by 1.6% in the third quarter, while expectations were for a growth of about 1.9%, supported by the increase in activity in accommodation and food services, which rose by 30%, as 10 out of 14 sectors in the services index rose.
This negative data, in addition to the rise of the US dollar, pushed the British pound to form a new low for the current year 2021 at 1.3384, after losing more than 150 points yesterday, Tuesday.
06/11/2024
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